|6 Months Ended|
Aug. 01, 2020
Income tax expense reflects the federal statutory tax rate and the weighted average state statutory tax rate for the states in which the Company operates stores. Income tax expense of $2,086 for the 13 weeks ended August 1, 2020 represents an effective tax rate of 20.6%, compared to $48,431 of tax expense representing an effective tax rate of 23.1% for the 13 weeks ended August 3, 2019. The lower effective tax rate is primarily due to a decrease in operating income.
Income tax benefit of $22,161 for the 26 weeks ended August 1, 2020 represents an effective tax rate of 23.9%, compared to $95,796 of tax expense representing an effective tax rate of 21.3% for the 26 weeks ended August 3, 2019. The higher effective tax rate is due to a reduction of tax-deductible stock option expense in the first 26 weeks of fiscal 2020.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef